Quote:
Originally Posted by John P.
Hi Tess:
Thanks to you and everyone else for all the great posts. This is a Grade A thread for a public forum. I havent finished with it all yet but thought I would drop off one question that occurred to me along the way. I did my due diligence by performing a thread search for this topic, and it did not reveal itself as already covered.
Given your preference for horizontal S/Rs, I have not seen pivots plotted on any of your charts. Is this b/c you doubt their reliability, or are they a part of something proprietary?
I plot them on some time frames but not all, sometimes using them as targets or to help configure a stop. I have ESignal for data and an issue Ive had with them is their predetermined 24-hour period for pivot calculation purposes starts midnight New York (EST). I admit I dont really know the answer to this but it seems possible that a large chunk of traders who use pivots may be using the GMT clock and have different daily pivots entirely.
Anyway, just curious of your thoughts on their usefulness.
And, again, gracias to all for the terrific efforts to date.
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I have toyed with pivot points in the past, but did not have a
great deal of success with them, but like all indicators they may
have their merits.
On this thread the main idea is historical support & resistance,
points on the charts where action has been seen before. These
coupled with a "trigger" pattern & the patience to wait for the
low risk trade.
Take a look at the webpage below for more info on pivots which
you may not have seen.
Pivot Point Trading